OPINION: Victoria’s new slug on the valuation upside from rezoning land kicks in next year. But the coming impost is already affecting new projects in the state.
If you own land in Victoria, and the value increases due to a rezoning, is that equivalent to winning lotto? The Victorian Government invites you to make this comparison having named its tax on land value uplifts the “windfall gains tax”. that occur on or after July 1, 2023. Transition exemptions apply for land subject to a contract or option before May 15, 2021, as well as for land subject to certain rezoning processes commenced prior to that date.
This residential land exclusion does not apply to “commercial residential premises” such as hotels, motels, inns, boarding houses, caravan parks, camping grounds and most student accommodation. Further, the exclusion will not generally apply to retirement villages and residential care facilities. The Victorian Liberal party initially opposed the tax. The enacting legislation became law on November 30, 2021. It is unclear if they will commit to repeal the tax before commencement should they win the upcoming Victorian state election.
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